FCI: which are the best to invest in and what is expected until the runoff

More than 10 days to go runoffthe industry Common Investment Funds (FCI) continues to accommodate the uncertain expectations of investors. During October, the most chosen were the funds indexed to the official dollar before and after the elections, while the immediate liquidity funds They resumed their prominence after positioning Sergio Massa in advantage over Javier Milei. In this framework, which are the best to invest based on October data and what is coming?

Money market funds (T+0)

Money Market funds, faced with inflation estimated at 10% monthly, had an average return of 9.1%. The funds that have led this month were:

• • Adcap Savings Pesos: +9.2%
  • Quinquela Pesos: +9.2%
  • Toronto Trust Savings: +9.2%
  • Lombard Income in pesos: +9.2%
  • IEB savings: +9.2%.

So far this year, the winning fund in this segment is 93.1% led by Lombard Renta in pesos, followed by 92.4% Toronto Trust Ahorro and 92.3% for Allaria Ahorro.

T+1 Funds

These types of funds have assets valued at market value and have a 24-hour redemption. These instruments closed October with an average increase of 12.5%, improving compared to September by more than 7 percentage points (5.7%). Those who led the month were:

• Novus Liquidity Plus: +20.3%
• Cohen Fixed Income Plus: +20%
• Adcap Pesos Plus: +16.7%
• Allaria Savings Plus: +16.2%
• Megainver Savings: +15.8%

So far this year, the winning fund in the segment is Cohen Renta Fija Plus (+124%), followed by Delta Ahorro Plus (113.9%) and IAM Renta Plus with 113%. In 2023 these funds have an average return of 103.9%.

CER Funds

They are those funds adjusted to the CER index which is a reference stabilizing coefficient that is calculated every day by the central bank, and which measures inflation based on the Consumer Price Index.

– Medium-term strategies

• Balanced Gaininvest: +25.1%
• Galileo Multimarket II: 24%
• Allaria Fixed Income: +22.3%
• Argentine Debt Consultation: +21.5%
• Fixed Income Superfund: +20.3%.

These funds closed the month with an average increase of 18.1%. So far this year, the winning funds are Gainvest Balanceado (140.2%), Balanz Institucional (134.8%) and Galileo Multimercado II (134.1%). In 2023 these funds have an average return of 117.5% while accumulated inflation is 103.2%.

Dollar Linked

The funds adjusted by official dollar They ended with average increases of 13%. In the breakdown, strategies with synthetics in the portfolio and sovereigns achieved the best returns with 23% and 19%, respectively.

• Novus Valor – Sovereign DL: +24%
• Delta Equity I- DL Sint: +22.9%
• Alpha Resta Coverage- DL Sob: +21.2%
• Allaria Mixed Fixed Income II- DL Sob: +20.5%
• ST Fixed Income- DL Sob: +20%

So far this year the average increase is 119.3%. The winning funds for 2023 are: Balanz Capital Fixed Income (185.7%), Quinquela Mixed Income (144.8%), Toronto Trust Global Capital (144.7%).

Mixed Income

These funds have equity risk in their portfolio along with investments in Fixed Income instruments. In October they closed with gains of 13%. October’s highlights were:

• Allaria Diversified: +28.5%
• Delta Multimarket I: +18.6%
• Supermanagement: 18.1%
• Balanced Adcap VII: +15.7%
• Balance Total return: +15%

So far this year, the average increase in these funds is 164.2% and the most notable are: TT Argentina 2021 (210.9%), Allaria Diversificado (208.6%) and Adcap Balanceado VII (175. 8%).

Variable Income Funds

Variable income investment funds are collective investment products who invest most of their assets in variable income assets. Exposure to this type of asset must be equal to or greater than 75% for a fund to be considered variable income.

• SF Value (RV+ Cedears): +7%
• IEB Value (RV): +6.8%
• Galileo Shares (RV): +5%
• SBS shares Argentina (RV): +4.6%
• Adcap Shares (RV+ Cedears): +4.5%

So far in 2023, the average return on these funds is 210.2%. The most notable are: Adcap Acciones (229.8%), Alpha Mercosur (228.9%), Balanz Acciones (227.7%).

What is expected in the coming weeks?

According to PPI, the strategies will move based on the expectations that they will be put together according to the electoral result of November 19 and the uncertainty regarding the strategies to be taken (both Linked Dollar and CER) will remain.

In the FCI industryPPI points out that “a recovery is not ruled out” before the second round in the FCI Dollar Linked. Although, “the CER curve could recover – if the scenario of continuity of the ruling party and acceleration in the rate of inflation (above two monthly digits) materializes. Volatility will also be high“, they concluded.